Kelly Doran, big man off campus

Kelly Doran is head of the class at developing student housing around the University of Minnesota campus. He was a year ahead of the market in 2009 when his real estate company, Doran Cos., began constructing Sydney Hall, then followed it up with 412 Lofts. This month, he announced financing for his latest student-housing project, an 11-story complex called The Bridges. Construction will get underway soon.

By 2014, he’ll have built 900 units of housing near the U of M. Doran also has his toe in the market-rate apartment market, and he’s getting into senior housing.

Doran, a 55-year-old Minneapolis native who unsuccessfully ran for governor in 2006 as a Democrat, is never afraid to share his opinions. Doran discussed his business and background over pancakes at Perkins Family Restaurant in Edina.

MSPBJ: Where are we at in the apartment cycle?

Doran: To be honest, I don’t know. It just seems that there’s so many different variables going on today influencing demand. There’s a lot of different reasons people are renting: empty nesters, people who want urban cabins, young kids out of college who were living at home.

MSPBJ: Are you looking at student housing in other markets?

Doran: We are. We’re looking at some things in the southwestern U.S. and the Midwest. It has to be a great site, in close proximity to a campus in a major city.

MSPBJ: What was your personal experience in student housing when you attended the university in the late 1970s?

Doran: I couldn’t afford to go to the university if I didn’t live at home, so I never lived on campus. I worked part-time jobs and took student loans. I don’t have one friend today from undergraduate school at college.

MSPBJ: So what’s your window into that life?

Doran: Probably through my kids a little bit, two of whom are college age, and just looking at development opportunities.

MSPBJ: What’s the best way to approach you about a business deal?

Doran: Call me, I’m pretty open.

MSPBJ: What do you get pitched most often that you turn down?

Doran: I’ve been approached on some retail stuff lately, and I don’t really see how you make money on retail anymore. The tenants are too demanding.

MSPBJ: Got a favorite Twitter feed?

Doran: I don’t twitter. I just terminated my Facebook page. I didn’t use it. There’s only so many hours in each day.

MSPBJ: What are you reading these days?

Doran: A memoir by Robert E. Lee. I like historical things and the historical context of things.

MSPBJ: Do you have any unique collections?

Doran: I bought a complete leather-bound collection of every book ever written by Louis L’Amour. I’ve read every one. There’s hundreds of them. That’s the only thing that I’ve ever collected.

MSPBJ: Have you sworn off politics?

Doran: I’m still involved politically, but in terms of actually running for office, I don’t have any interest in doing that again. It would be fun to be an elected official for a period of time. I think I would enjoy that, but I’m not sure I have the patience or the gumption to go through the process.

sblack@bizjournals.com | (612) 288-2103

Kelly DoranFounder and principal, Doran Cos.

City: Bloomington

Business: Development, construction, property management services

Age: 55

Education: Undergraduate, University of Minnesota studying business and economics, 1980; MBA from the Carlson School of Management in 1982

Experience: Spent more than a decade developing shopping centers in the Twin Cities as president of Robert Muir Co.; ran for Minnesota governor in 2006Family: He’s engaged to be married this summer to Connie Grady, a senior director at Cushman Wakefield/NorthMarq. Doran has three children from previous marriages: sons Evan, 24, a graduate student at Cornell University, and Kramer, 21, a student at the U of M; daughter Sidney, 12.